Here we go again.....I have written on many occasions ....Every time when bad news on the LNG front rears it`s ugly head out comes LNG spin articles from the BC Liberal spindoctors....We had a waste of words article from the British Columbia Oil and Gas commission about how they granted LNG Canada(Shell) a "key permit"....Then we had the energy industry captive regulator, also know as the NEB story about how they granted a 40 year export license....

We already beat those dead horse articles into the ground in this posting.

I wonder if this EXTRA LNG hype and spinning has to do with the upcoming February 2nd/2016 bi-elections......Or perhaps the world LNG picture is so bad the BC Liberals had to summon up a third spinfest?.....This latest spinfest article was front page news in the Vancouver Sun and The Province Newspaper...

And like the first two lame spinners, this one is just as bad....The latest LNG hyper is courtesy AltaCorp Capital...

Who is AltaCorp Capital?..They are a lending institution..An investment firm...AltaCorp Capital lends money to entities with the ability to pay them back..With big interest charges and balloon payments...So why would AltaCorp Capital of Alberta weigh in on British Columbia`s flailing LNG industry...?

Well I read an article about AltaGas....Here is a direct quote from it

"We continue to work with our partners at the DCL consortium to progress our LNG export plans pending resolution of the import duty on the barge."

Interesting don`t you think...AltaGas is wanting the import tax removed, what`s that all about...well, AltaGas is part of the Douglas Channel LNG proposal in Kitimat..But, the entire project is cited as..."a $500 million dollar project"...How come so cheap, how come it`s not $46 billion or $59 billion to build...Well, it`s a floating liquefaction barge, it`s being made in South Korea..They will merely barge it here and hook it up to a LNG pipeline...And gollee andy..They don`t even want to pay the Canadian import fee..

Not surprising..

Oh...That quote, that statement from AltaGas came at a investors meeting, as in the minutes of the meeting.

In that latest LNG spinfest AltaCorp Capital has bumped Petronas proposed Prince Rupert project back up to a $36 billion dollar price tag....!!!!..And I quote...

"That timeline, and AltaCorp`s prediction, Douglas channel would be the first LNG project to be built in the province-Leapfrogging Petronas larger $36 billion Pacific Northwest project" So here we go again, Petronas`s proposed project jumps from $11.2 billion..$11.4 billion..to $36 billion to $46 billion Canadian and now back to $36 billion....It`s enough to make one dizzy, these spindoctors at AltaCorp Capital, in their Financial Post special report article(reposted in today`s The Province newspaper) must have forgot that Petronas`s proposed estimate was just last week in the Financial Post article was cited as a $11.4 billion dollar price tag....So, AltaCorp Capital, in their just released special report have made a $25 billion dollar error...And we are just getting started...Next I breakdown the spin line by line... In that AltaCorp Capital report...Calgary-A new report "dissents" from bearish predictions that no LNG terminals will be built on Canada`s West Coast, and instead says four natural gas export facilities will be greenlighted in the coming years.The report by AltaCorp Capital, released Monday, predicts that AltaGas LTD. Shell Canada LTD, Exxon Moibile Corp and Petronas, will build massive facilities to super cool natural gas for export from B.C. Coast in the coming years, although not in the order that many industry observers have come to expect."while this may appear to be hopelessly optimistic, we would argue that the smaller Douglas Channel LNG project is on track for a positive(final investment decision) by the end of 2015, AltaCorp Capital analysts said, __________ Did you read that?...Appear...We would argue....hopelessly optimistic....A report by AltaCorp Capital...Talk about weasel words...This is a lender, not an energy company, it`s hooey and it gets much worse..Executives at AltaGas, which is leading the $500-million Douglas Channel proposal, have previously defied predictions that no liquefied natural gas terminals would be built in B.C. and recently said the company’s facility would be complete by 2018.That timeline, and AltaCorp.’s predictions, would mean that Douglas Channel would be the first LNG project to be built in the province – leapfrogging Petronas’ larger $36-billion Pacific Northwest LNG project.________ Now...AltaGas`s proposal, remember AltaGas...They were a major sponsor of Christy Clark`s failed Burrard bridge yoga-fest...

AltaGas`s proposal($500 million) is not for a big LNG on-land terminal, thus the price, AltaGas`s proposal is for a floating LNG vessel, built overseas, little to no construction work, they merely need a land compressor, secure moorings and access to a natural gas pipeline, thus the small price-tag..AltaGas`s LNG Proposal is this...

"The LNG project will be developed in two phases. The first phase will consist of floating liquefaction facilities with the capacity to receive 110 Mmcfd of gas.In the second phase of the LNG project, the joint venture plans to increase the gas export capacity of the project up to 1 Bcfd.The parties involved in the LNG project are: AltaGas, Idemitsu Kosan of Japan, Exmar of Belgium, and French company EDF Trading."http://www.lngworldnews.com/altagas-files-for-lng-export-permit-with-neb/____ AltaCorp`s second major faux pas...AltaGas LTD is NOT PROPOSING A TERMINAL..They are proposing a floating facility that will be built entirely overseas... Then the AltaCorp Capital spin deflector gets really thick.________AltaCorp. now expects Pacific Northwest(Petronas), “the project that looked like it would proceed first,” to be built sometime after Douglas Channel and after Shell Canada Ltd.’s massive LNG Canada project, which would be built at a cost widely estimated between $25 billion and $40 billion.The report cites a “preponderance of evidence” suggesting that Shell will decide in the first half of next year(2016) to build its massive project. Neither Shell nor AltaGas responded to requests for comment on construction timelines. Exxon’s Canadian subsidiary, Imperial Oil Ltd., did not immediately respond to a request for comment._______Do you see the deflector spin...EXPECTS......TO BE BUILT AFTER.......A PREPONDERANCE OF EVIDENCE...SUGGESTING...Shell and ALTAGAS failed to respond when asked for a comment...WOW..Talk about spin, and it gets worse... _______

AltaCorp Capital analyst Dana Benner, one of the four authors of the report, said in an interview that the collapse in crude oil prices has weakened the demand for labour in Western Canada, and companies could use the slowdown as an opportunity.“If oil stays at these levels, in fact, it will probably get weaker yet, in which case more people will free up, So it is actually a perfect environment for not only one but maybe a couple of these projects to go because of the talent pool,” Benner said.

10 comments:

Bill
said...

Thanks for this Grant

The Liberal LNG Czars (more like liars)... Christy and herPirates could not continue this Ponzi Sparkle Pony scheme without the embedded cheerleading media's continued pumping by selected Corporate press release 'journalism'. How long before they finally report that the wheels are off this super hyped campaign - no doubt it will be long after the next Lib scheme is ramped up and in full flight.

Would be very interested in your take on the Pirates - Kinder Morgan TMP red flag. What's the angle, what's this scam?

Had the pleasure (?) of hearing a presentation by Andrew Nikiforuk last eve, preceded by a chat from a woman who was forced to flee on of the Alberta Sacrifice Zones for the sake of health and sanity. I think we all are somewhat aware of the perils of fracking and the mess concurrent with and following the exploitation of fossil fuels, but this whole show was chilling beyond belief. So the best thing is that the whole LNG sham die on the vine while we're at least being protected by market forces (it isn't supposed to work that way), and that we find comfortable jumpsuits for all those who have wreaked this on people everywhere in a desperate bid to wring the last bloody drop of cash out of society before we drift off into oblivion.

As usual, many thanks to you and the other members of the Truth Brigade who continue to broadcast Cassandric warnings on the deaf and plugged ears of an intellectually drugged citizenry.

Premier says Petronas stands by proposed LNG facility in B.C. The Premier says the Financial Post got it wrong after it ran a story claiming Petronas was threatening to walk away from its proposed LNG facility in BC.

The story claims Petronas, upset with changes to federal environmental rules, gave the Trudeau government an ultimatum accept the project as is or forget it.

Premier Christy Clark says that is simply not true.

“Petronas has said they did not say that. What they tell us, and after this report came out, they said they were quite clear they are very satisfied with the way the federal government is going on this. I think perhaps the report is incorrect.”

I think perhaps Ms. Clark is delusional...but in any event for the good of our province she needs to step down.

KUALA LUMPUR: Petronas, through its subsidiary, Pacific NorthWest LNG (PNW LNG), is proactively taking steps to mature its Canadian liquefied natural gas (LNG) project towards its final investment decision,Responding to recent media reports on the status of the project, Petronas said the Canadian environmental impact assessment process for the PNW LNG project was still ongoing.

A final report would be produced by the relevant agency to be submitted to the Canadian government for approval, Petronas said in a statement on Wedneday.

The national oil corporation also said it would review the final report with project shareholders and evaluate conditions attached to the report to further determine their impact on overall cost structure and project schedule.

"The outcome, reviewed together with the LNG market outlook and overall project commerciality, would be used to develop the proposal for an investment decision to be considered by PNW LNG shareholders," the statement added. - Bernama